Market Trends of Asia Pacific Smart Transformers Industry
This section covers the major market trends shaping the APAC Smart Transformers Market according to our research experts:
Distribution Transformers to Dominate the Market
- The growing emphasis on renewable energy generation across the world, coupled with increasing electrical infrastructure projects, is expected to drive the demand for distribution transformers during the forecast period, in turn driving the smart transformers market.
- In electric distribution grid, smart transformers work independently to monitor and regulate the voltage while maintaining a contact with the smart grid. This enables the information about the transformer and the power supply to be provided even by remote administration. Hence, this enables for proper load management, resulting in better power quality and lesser power outages.
- In 2018, India was the third-largest electricity-generating nation in the world. This power is generated from both conventional and renewable sources. The country has made major strides in improving access to power among both rural and urban communities through various government-led schemes focused on Power for All.
- Moreover, developed economies, such as Japan, contribute to the significant demand for smart transformers, owing to the increasing replacement of aging power distribution equipment, and increase in the integration of renewables to the grid.
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China to Drive the Market
- China is the world's largest market for power transmission and distribution (T&D) and is also poised to become a major consumer of smart grid technology, supported by its policy to reduce carbon emission and commitment for green development.
- China has the ambition to become a world leader in electrical power equipment by 2025. This is a national strategy outlined in the Technology Roadmap (2017) of the Made in China 2025 programme. Innovation and technology are heavily focused on in the national programme and large amounts of funding are allocated to support the development.
- State Grid Corporation of China has rolled out 'Global Energy Internet' concept, based on having smart grid connections to an ultra-high voltage power grid that would have the potential to deliver clean energy. This in turn is expected to drive the smart transformers market in the country during the forecast period.
- In 2019, China's State Grid sanctioned world's largest smart grid facility, with first phase of this project concluding in 2021, and completing it in 2024. This project is expected to bolster the smart transformer market in China and hence drive it during the forecast period.
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